Livestock Diagnostics Market
Number of pages: 100 | Report Format: PDF | Published date: April 26, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 1.10 billion |
|
Revenue Forecast in 2031 |
US$ 2.36 billion |
|
CAGR |
8.2% |
|
Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Product, Technology, Animal Type, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global livestock diagnostics was valued at US$ 1.10 billion in 2022 and is expected to register a revenue CAGR of 8.2% to reach US$ 2.36 billion by 2031.
Livestock Diagnostics Market Fundamentals
Livestock diagnostics are essential for animal health, detecting health concerns before they become serious and allowing for speedier diagnosis and treatment planning. Traditional diagnosis includes the examination of blood, tissue, urine, or feces for the presence of proteins, antibodies, illness, or general markers of overall health. Lab-based testing assures accurate, high-quality findings, and point-of-care diagnostics allow for real-time decisions that can put worried pet owners at rest. These tests are essential in veterinary medicine. Furthermore, as a proactive measure to ensure the viability of Pennsylvania's animal industries, Animal Diagnostic Lab (ADL) provides active surveillance of animal diseases, identification of emerging diseases through the development and application of new diagnostic methods, and training and education for new diagnosticians, veterinarians, and graduate students.
Animal diseases affect the long-term production of animal-derived commodities by reducing potential productivity and cost-effectiveness and worsening general animal health and well-being. Industrialized and high-input farming systems increase output, but their increased stocking density makes them more prone to disease outbreaks. Globalization of trade and a lack of surveillance systems for animal illnesses contribute to disease transmission. As a result, effective disease control is critical to minimizing their financial burden and protecting the animal-derived food supply.
Early and accurate identification of animal illnesses is crucial for implementing evidence-based countermeasures and limiting disease transmission. Animal illness diagnosis frequently necessitates laboratory confirmation based on multiple PCR techniques, immunoassays, and cell cultures, making well-equipped laboratories and qualified people essential. This technique leads to extended turnaround times (from sampling to results) ranging from days to weeks, making diagnosis frequently non-concurrent with illness progression. Furthermore, laboratory confirmation is expensive and inappropriate for resource-constrained environments.
The prevalence of numerous food-borne and zoonotic illnesses, increased demand for livestock-derived food items, favorable government efforts, and technical breakthroughs in veterinary diagnostics are the primary drivers of the livestock diagnostics market's expansion.
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Livestock Diagnostics Market Dynamics
The Centers for Disease Control and Prevention (CDC) in the United States evaluated COVID-19 cases among workers in 115 meat processing facilities across 19 states in 2020. The CDC discovered 4,913 confirmed cases of COVID-19 and 20 fatalities among the 130,000 workers at these plants. For example, the United States Department of Agriculture (USDA) reports that worldwide merchandise trade declined 14% in the second quarter of 2020 compared to the same period in 2019. This lowered the demand for beef products produced in the United States. Furthermore, beef exports from the United States were cut by 8% in July 2020 compared to 2019. This unfavorable impact on animal-derived goods will certainly negatively influence the livestock diagnostics market.
SARS-CoV-2 infections have been documented in many farm animals worldwide, most of whom had intimate contact with a sick human infected with COVID-19. Many research studies are ongoing to create novel products for the early detection of COVID-19 infection in animals. As a result, fast development of diagnostic tools against COVID-19 is expected, increasing market expansion.
Depending on the zoonotic illness, animals might look healthy even when harboring germs that can make people sick. Foodborne zoonotic illnesses are caused by eating food or water infected by pathogenic microbes, as animals nourish us. Many of these bacteria are present in the intestines of healthy food-producing animals and are subsequently passed on to humans.
According to WHO, an estimated 600 million individuals, or about one in every ten people globally, become unwell yearly due to ingesting contaminated food. Children under five are at significant risk of contracting foodborne infections, with 1,25,000 children dying from foodborne diseases worldwide each year. Diarrheal infections are the most frequent illnesses caused by contaminated food, affecting 550 million people and killing 2,30,000 people yearly. According to the Centers for Disease Control (CDC), about 18,462 foodborne illness infections were reported in the United States in 2020, resulting in 4,788 hospitalizations and 118 fatalities.
Livestock Diagnostics Market Ecosystem
The global livestock diagnostics market is analyzed from the following perspectives by product, technology, animal type, end user, and region.
Livestock Diagnostics Market by Product
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Based on product, the global livestock diagnostics market is segmented into consumables, hardware, and software.
The consumables segment is likely to dominate the market during the forecast period. The expanding number of livestock diagnostic tests and the commercial availability of a varied range of reagents and consumables for various illnesses are driving expansion in this category. Aside from that, rising animal health screening programs, increased awareness about regular animal health check-ups, which leads to frequent usage of consumables, and the advent of numerous POC tests and assays all contribute to growth in this market.
Livestock Diagnostics Market by Technology
Based on technology, the global livestock diagnostics market is segmented into immunodiagnostics, molecular diagnostics, and other technologies.
The molecular diagnostics segment will likely grow at a significant CAGR during the forecast period. Rising market activities to enhance access to cost-effective resources are expected to fuel the growth of the molecular diagnostics segment. Molecular diagnostics provides precise and effective findings and has critical applications in disease diagnosis. However, one of the greatest impediments to this sector is the high cost of molecular testing.
Livestock Diagnostics Market by Animal Type
Based on animal type, the global livestock diagnostics market is segmented into ruminants, swine, poultry, and other animals.
The swine segment is likely to dominate during the forecast period. Increased demand for pork, increased frequency of swine illnesses, creation of schemes and campaigns to avoid zoonotic diseases, and financing for swine research are all factors driving expansion.
Livestock Diagnostics Market by End User
Based on end users, the global livestock diagnostics market is segmented into reference laboratories, diagnostic hospitals & clinics, and point-of-care testing.
The diagnostic hospitals & clinics segment will likely dominate the market during the forecast period due to these institutions' availability of a wide range of diagnostic possibilities. Furthermore, the market is driven by the rising usage of modern analyzers for diagnostic reasons in these clinics. With developments in livestock diagnostics, there is a growing trend of POC testing in livestock and other animals, allowing market participants to diversify their POC portfolio and test segment. Research institutes are also a driving factor in developing and using these diagnostics. The research institutions are in charge of deploying, identifying, and developing novel diagnostic methods or processes for research objectives, as well as monitoring newly emerging or existing illnesses in animals.
Livestock Diagnostics Market by Region
The global livestock diagnostics market is segmented based on region: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America is likely to dominate the market during the forecast period. The region's veterinary healthcare expenditure has increased significantly, likely fueling market growth. Furthermore, the availability of healthcare programs and an increase in the number of efforts to enhance animal health are elements that are expected to increase the region's growth potential. For example, the North American Pet Health Insurance Association is working to raise awareness of pet health insurance coverage. Animal welfare groups' efficient procedures in the event of an emergency or unexpected illness breakout are also projected to contribute to market growth in North America. During the projection period,
The Asia Pacific regional market is expected to develop at the quickest rate. The rise in middle-class families, higher disposable income, pet animal acceptability, and rising demand for animal proteins are important drivers projected to drive regional market expansion. For instance, The Faculty of Veterinary Medicine has established a cutting-edge Animal Health, Molecular, and Diagnostics laboratory. The Lab is a Feed the Future project collaboration between the University of Nairobi and Washington State University.
Livestock Diagnostics Competitive Landscape
Some of the prominent market players in the global livestock diagnostics market include,
The market is fragmented, with numerous large and small companies. Key companies are implementing business strategies such as new product offerings, geographical growth, company expansion, joint ventures, and new product launches to achieve a larger market share. For instance, Heska agreed to buy Lacuna Diagnostics, Inc. in January 2021. As a result, the firm was able to join the clinical specialized services market. TRUFORMA was formally commercialized in March 2021 by Zomedica Corp., a veterinary health firm that manufactures point-of-care diagnostics solutions for cats and dogs.
Livestock Diagnostics Market Strategic Development
Livestock diagnostics is essential for animal health, detecting health concerns before they become serious and allowing for speedier diagnosis and treatment planning. Traditional diagnosis includes examining blood, tissue, urine, or feces for the presence of proteins, antibodies, illness, or general markers of overall animal health.
Asia Pacific is the key growth region in the global livestock diagnostics market.
The rising prevalence of foodborne and zoonotic diseases will likely drive the market.
The estimated market size of livestock diagnostics in 2031 will be 2.36 billion.
The revenue CAGR of the livestock diagnostics market during the forecast period will be 8.2%.
*Insights on financial performance are subject to the availability of information in the public domain